In the Santa Fe, NM market, new home sales sank year-over-year in November, and the decline was by a larger percentage than the October 2011. New home sales moved from 14 a year earlier to eight after the figure moved from 13 in October 2010 to 11 in October 2011.
A total of 188 new homes were sold during the 12 months that ended in November, down from 194 for the year that ended in October.
New home sales accounted for eight of the 151 total sales, a smaller percentage compared with 14 of 191 sales a year earlier. After rising year-over-year in October, sales of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $238,155, compared with $268,966 last year. This followed a 1.9% decline in October from a year earlier.
The average mortgage size moved to $187,779, down from last year's $226,823. It went from $194,212 to $193,955 from October 2010 to October 2011. Of the overall sale price, the percentage that was being financed dipped 5.5 percentage points year-over-year to 78.8% in November 2011. This was a swing downward after a 1.5 percentage point rise in October from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up seven of eight new home sales after accounting for eight of 14 a year earlier. Meanwhile, attached units made up one of eight new home sales after making up six of 14 sales a year earlier.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Combined, foreclosures plus REO sales made up 18.9% of existing home sales. They represented 26.0% in November 2010. The percentage of existing home sales involving foreclosures went from 10.7% in November 2010 to 10.5% in November 2011 and REO sales as a percentage of existing home sales declined to 8.4% from 15.3% a year earlier.
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